Harvest Health & Recreation Inc (OTCMKTS: HRVSF) Back in the Spotlight After SCBC Approves Verano Deal

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Harvest Health & Recreation Inc (OTCMKTS: HRVSF) has been getting a lot of attention since the Company said it has received the final approval of the Supreme Court of British Columbia for its proposed business combination pursuant to a plan of arrangement with Verano Holdings, LLC.

If the deal goes forward the new combined company is expected to be operating 30 dispensaries, eight cultivation facilities and seven manufacturing facilities, with expected further aggressive operational expansion. By the end of 2019, Harvest expects to have over 70 dispensaries, 13 cultivation facilities and 13 manufacturing facilities in operation. The company expects continued growth in 2020.

Harvest Health & Recreation Inc (OTCMKTS: HRVSF) is a multi-state cannabis operator (MSO) and vertically-integrated cannabis company. Subject to completion of announced acquisitions, Harvest will have the largest footprint in the U.S., with rights to more than 210 facilities, of which approximately 140 are retail locations, and more than 1,580 employees across 17 states.

Since 2011, the company has been committed to aggressively expanding its Harvest House of Cannabis retail and wholesale presence throughout the U.S., acquiring, creating and growing leading brands for patients and consumers nationally and continuing on a path of profitable growth. Harvest’s mission is to improve lives through the goodness of cannabis and is focused on its vision to become the most valuable cannabis company in the world. The Company is headquartered in Tempe, Arizona.

Harvest Health & Recreation will hold licenses that will allow it to operate up to 200 facilities in 16 states and territories across the country, including 123 retail dispensaries when it completes the previously announced binding agreement to acquire Verano Holdings, LLC, one of the largest privately held multi-state, vertically integrated licensed operator of cannabis facilities, in an all-stock transaction for an estimated purchase price of approximately USD $850,000,000 based on a share price of CND $8.79.

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The Verano acquisition will make the new Company one of the largest multi-state operators in the U.S. Harvest’s planned acquisition of Verano will include: Licenses and operations in 11 states and territories, including seven cultivation licenses, 37 retail licenses and potential to reach 150+ million Americans; Vertically integrated, cash-flow positive operations; Proven executive team with retail, manufacturing, branding, logistics and operational experience and 300 employees. Hiring for approximately 300 new positions in 2019 with a focus on hiring minorities, women and veterans; Game changing ethanol extraction technology at pharmaceutical grade levels providing new market opportunities for cannabis biotech, food and beverage verticals; Portfolio of premium proprietary brands with 150 + product SKUs sold in 150 + retail locations; Total cultivation expansion capacity of 900,000 sq. ft in Illinois, Nevada & Maryland; and Ownership of an interest in nine Zen Leaf™ dispensaries with average annual revenues 2.5x higher than retail cannabis industry averages.

On July 9 Harvest Health & Recreation announced it has received the final approval of the Supreme Court of British Columbia for its proposed business combination pursuant to a plan of arrangement with Verano Holdings, LLC. As announced by press release dated April 23, 2019, pursuant to the terms of the Arrangement, upon closing of the transaction, security holders of Harvest and Verano will become security holders in the combined company which will carry on the business of Harvest and Verano. The Arrangement remains subject to, among other conditions, CSE approval, certain additional regulatory approvals customary for a transaction of this nature, and the satisfaction or waiver of all closing conditions. The Arrangement is expected to close later this year.

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Currently trading at a $562 million market valuation Harvest Health & Recreation Inc is one of the first consistently profitable, vertically integrated cannabis companies with one of the largest footprints in the U.S. The Verano acquisition is expected to close soon since the Company received the final approval of the Supreme Court of British Columbia will result in a newly combined Company operating 30 dispensaries, eight cultivation facilities and seven manufacturing facilities, with expected further aggressive operational expansion. By the end of 2019, Harvest expects to have over 70 dispensaries, 13 cultivation facilities and 13 manufacturing facilities in operation. The company expects continued growth in 2020. We will be updating on Harvest Health & Recreation when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with Harvest Health & Recreation.

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Disclosure: we hold no position in Harvest Health & Recreation either long or short and we have not been compensated for this article.

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